As year-end approaches, business owners often get pulled in many directions. In the retail sector, this is when sales typically peak. This finds many business owners working more hours in their shops while spending the little free time remaining readying for the holidays and gathering together with family and friends. What can be forgotten in the midst of the season’s hustle and bustle is the critical task of business planning for the upcoming year. Even a small amount of planning in the following areas can provide your business with a roadmap for success.
A pawn shop can be a satisfying and profitable business. However, no matter what kind of business you plan on opening, you need a plan. Having a business plan is paramount to a successful beginning. You’ll need one to get investors, loans, or even business partners for your pawn shop.
- E-Commerce. My kids have coined the phrase, “If you’re not online, you’ve flatlined.” to describe how their lives are so interwoven with the Internet and social media. This also describes any pawn shop not utilizing various sales platforms (eBay, Amazon, Craigslist, GunBroker, etc.) or social media such as Facebook and Twitter for marketing. Remember that rising inventory levels are a negative to the bottom line – its cash you already spent that’s now sitting! The most active and successful pawnshops are constantly adding items to the Internet for sale. In the old days when business was slow, my boss would tell me, “Go clean something!” Now, the motto should be “Go post something!”